Most of the capital's super-prime homes are lying empty for significant parts of the year, new research has shown.
Just 30 per cent of London's most expensive homes are occupied full-time, according to a report by Rhodium Residence Management, and the city has become the most popular place for high-wealth internationals to buy a second home.
There are 22,300 wealthy second-home owners in London, as compared to 17,400 in New York, and 14,800 in Hong Kong. In Paris, this number drops to 6,400.
Many believe that the popularity of London's super-prime properties among foreigners has fuelled the capital's current housing crisis. The issue has become so fraught that London mayor Sadiq Khan has commissioned an inquiry into foreign home ownership in the capital.
Prices of high-end homes in London have been falling over the past year, but the price crunch has done little to stop the housing crisis. Prices for homes in the middle-market, the kind of homes Londoners need, are still rocketing due to low supply, signalling that the super-prime market behaves independently of the capital's mainstream property market.
This year house prices are expected to jump in the outer boroughs such as Havering and Bexley, while it is predicted that prices will stagnate in areas such as Kensington and Chelsea - the parts of London where the super-wealthy seek to buy their homes.
Rhodium said: "London has a long history of 'part-time' residence - wealthy aristocrats would vacate London residences at the end of the 'season' to return to country estates.
"Today it is true that the highly affluent reside in and visit the capital, do business, holiday and enjoy the vast array of services and cultural delights that this global city offers."